Well, the Scottish & Newcastle situation has been clarified, to a degree. Carlsberg and Heineken have been given a 24 hour extension to decide whether or not to proceed with their 800p a share offer.
The news has lifted S&N shares 21.5p to 756p. But the statement is intriguing. Carlsberg and Heineken have reconfirmed the 800p price, say they have completed due diligence, arranged the financing and reached an agreement with S&N's pension trustees.
So why the delay? Apparently the proposal "remains subject to certain pre-conditions, including finalisation of its consortium agreement and agreement of satisfactory conditions to any offer."
This seems to suggest the two members of the consortium have not yet agreed between them - at this late stage - all the details of their proposed bid. If that is the case, will another 24 hours make any difference. S&N shares, despite today's rise, are still well below the offer price, suggesting the market has its doubts.
Overall the market is soaring, partly on relief that the SocGen fraud is out in the open. Some traders are now saying that SocGen's forced unwinding on Monday of its long positions contributed to - if not created - the slump in European markets.
One trader said: "Certainly the banks were getting smashed on Monday, it could well have been SocGen unwinding positions."
Another has helpfully identified some European businesses where SocGen has stakes, including hotel group Accord (4.8%), drinks company Pernod (2.9%) and IT specialist CapGemini (3.8%)
Back in the UK, the FTSE 100 is now 241.9 points higher at 5851.2, a 4% increase or so. The FTSE 250 is also recovering, up around 3%.
But the mid-cap index is being hampered by a near 40% fall in structural steel group Severfield Rowen, which has been involved in the construction of both Heathrow Terminal 5 and the new centre court at Wimbledon. The company has warned of slower growth, just six weeks after saying it was confident about the outlook.
